Commerce Bancorp Q3 net earns flat yr-on-yr; meet forecast

NickGodt

NEW YORK (MarketWatch) -- Commerce Bancorp
CBH, +0.25%
on Monday said third-quarter net earnings of $79.7 million were nearly flat from $79.5 million the year earlier, while earnings per share dropped. The Cherry Hill, NJ-based bank said earnings per share of 41 cents were down from 45 cents the year earlier. Analysts polled by Thomson First Call on average were expecting earnings of 41 cents per share. Revenue rose to $472.5 million from $412.2 million, but expenses increased to $343.5 milloin from $288.5 million. Shares of Commerce Bancorp closed Friday at $36.43, down 10 cents.

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